Swiss government: Switzerland’s approach does not harm US industry
The Swiss government has reaffirmed its position that its trade practices do not harm U.S. industry, as negotiations between the two countries continue to address recent U.S. tariff measures. According to the Swiss State Secretariat for Economic Affairs (SECO), Switzerland has robust legal frameworks in place that prohibit forced labor, aligning with international labor standards. SECO maintains that there is no evidence that Swiss trade practices disadvantage U.S. companies or that Swiss supply chains benefit from forced labor.
The U.S. has proposed additional tariffs on Switzerland, citing concerns over the importation of goods produced using forced labor. However, Switzerland has emphasized that it has been a global leader in combating forced labor, having been the first country to include a ban on forced labor in its public procurement legislation. The Swiss government has also strengthened due diligence requirements for companies, demonstrating its commitment to ethical trade practices.
The ongoing trade discussions aim to resolve the current tensions and ensure stable, reciprocal trade conditions for both nations. Switzerland has committed to maintaining open dialogue with U.S. authorities and is working to address any concerns while safeguarding the interests of Swiss businesses. The Swiss government remains confident that a mutually beneficial resolution can be reached, ensuring legal certainty and market access for Swiss companies in the U.S. market.
As part of the broader U.S.-Swiss trade relationship, the U.S. is Switzerland’s second-largest trading partner and a major destination for Swiss investment. In 2022, U.S. goods and services trade with Switzerland totaled $185.9 billion, with a services trade surplus of $21.5 billion. The U.S. is also the largest foreign investor in Switzerland, while Switzerland is the seventh-largest foreign direct investor in the U.S., with cumulative investments exceeding $300 billion.
The Swiss government continues to advocate for a balanced and reciprocal trade agreement with the U.S., emphasizing shared values and economic cooperation. The ongoing negotiations reflect the importance both countries place on maintaining strong economic ties and addressing trade challenges through dialogue and mutual understanding.
